Cordell Inc. experienced the following events in Year 1, its first year of operation:Received $55,000 cash from the issue of common stock. Performed services on account for $77,000. Paid a $5,500 cash dividend to the stockholders. Collected $61,000 of the accounts receivable. Paid $55,000 cash for other operating expenses. Performed services for $16,500 cash. Recognized $2,500 of accrued utilities expense at the end of the year.

Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, IA for investing activity and NA to indicate the element is not affected by the event.